Saudi Crown Prince Signs $20 Billion Agreement to Invest in Pak

Saudi Crown Prince’s visit to Pakistan comes just days after the Pulwama attack.

Saudi Crown Prince Mohammed bin Salman

(Photo: AP)

Saudi Arabia has reportedly signed an agreement to invest $20 billion in Pakistan, reported AFP, on Sunday, 17 February.

Earlier last night, Saudi Arabian Crown Prince Mohammed bin Salman, whose visit to Pakistan was delayed by a day, arrived in Islamabad on a two-day visit to the country, on the invitation of Pakistan Prime Minister Imran Khan, reported ANI.

Imran Khan along with cabinet members, Army chief General Qamar Javed Bajwa reportedly received Salman at Nur Khan Airbase.

The Saudi Crown Prince’s visit comes just three days after Pakistan-based Jaish-e-Muhammad claimed responsibility for the Pulwama attack in Jammu and Kashmir, in which 40 CRPF jawans were killed.

While reason of the delay was not revealed by the Pakistan government, the current delay on his visit to Pakistan further pushed the dates for Salman’s visit to Malaysia and Indonesia.

The Saudi Prince, along with a delegation of investors, was earlier scheduled to attend Pak-Saudi Business Conference on 17 February.

Islamabad is hoping to sign a raft of investment deals and other agreements during the two-day visit.

According to AFP, Saudi Arabia is reportedly preparing to sign a record investment package with Pakistan, including a $10-billion refinery and oil complex for the strategic Gwadar Port on the Arabian Sea.

The Wall Street Journal reported that Saudi Arabia and the United Arab Emirates have together offered Islamabad some $30 billion in investment and loans.

Pakistan will confer the prince with Nishan-e-Pakistan – the highest civilian award during his visit, according to media reports.

Saudi Arabia and Pakistan are also participating in talks with the US and other countries seeking to bring the Taliban to the table for peace negotiations with Kabul after more than 17 years of war.

Crown Prince was also scheduled to visit India on 19 February.

(With inputs from PTI and ANI)